South Korea to Raise Its Minimum Wage by 16%

Small businesses have criticized the rise to the equivalent of $6.67 an hour

SEOUL—South Korea said it would boost its minimum wage by 16.4%, a sharp rise compared with recent increases in other developed economies, drawing criticism from small businesses as the country’s new left-leaning administration implements its policy agenda.

President Moon Jae-in, who took office in May, is pushing for a greater role for the...